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The Iowa Racing and Gaming Commission unanimously voted to approve only one of the four casino plans presented.
To the dismay of the Governor and supporters hoping the casinos would add jobs, the commission denied requests from parties interested in gaming operations in Fort Dodge, Ottumwa and Tama County, because of the business they would draw from already existing casinos in the state.
The casino license granted was for a $120 million resort in Lyon County that is expected to include an 18 hole golf course, 100 room hotel, 1,200 seat events center, 3 restaurants and 900 slot machines.
The Lyon County casino is projected to draw 80% of its revenue from out state gamblers and is estimated to bring in $80 million in gross revenue.
“Lyon County has met the criteria and will not have an impact on existing casinos,” said Commissioner Andrea Rivera-Harrison.
Plans call for construction to begin in June 2010 with an opening planned for July 2011. The golf course would open by 2013.
Members of the Racing and Gaming Commission said it would be three to five years before they would consider granting more licenses.
“We have really hard numbers that show that there is a saturation point in this state,” Commissioner Kate Cutler said. “This is a real economic concern for all of us.”
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